British House Prices Update

LONDON (Reuters) – British house prices experienced a 2.2% annual increase in July, marking the fifth consecutive monthly rise. However, this growth rate has slowed compared to a revised 2.7% increase seen in the 12 months ending in June, according to the Office for National Statistics (ONS).

Notably, house prices in London declined by 0.4%.

Despite this, indicators across Britain’s property sector have shown signs of recovery, attributed to higher demand following a reduction in borrowing costs.

Additionally, unchanged British consumer price inflation data released earlier on Wednesday has led investors to lower expectations regarding an interest rate cut by the Bank of England scheduled for Thursday.

The ONS also reported a 8.4% rise in private rents for the year up to August.